Author: Consolid8 Team Date Posted: 2 May 2016
No business owner wants to be audited and we have no reason to suspect you will be. However, with the prevalent focus on increasing audit activity, it is more likely than ever that your business could be flagged for a tax audit or review by the ATO or oth
No business owner wants to be audited and we have no reason to suspect you will be. However, with the prevalent focus on increasing audit activity, it is more likely than ever that your business could be flagged for a tax audit or review by the ATO or other government body. Tanya’s strong view is that every Consolid8 client should have an Audit Insurance policy to protect them if the situation ever arose.
The ATO, along with other federal, state and territory agencies, continue to announce significant increases in their audit activity. Now more than ever, Individuals, Businesses and Self Managed Superannuation Funds are at risk of being selected for a tax audit or review. The ATO’s enhanced data-matching capabilities now enables wider scope to target both businesses and individuals.
Through our partnership with Accountancy Insurance we are able to offer clients an ‘Audit Shield’ Insurance policy with very competitive premiums. We allow clients to group all of their entities together under one policy (which is often much cheaper than insuring each entity with an individual policy). Other providers charge up to $2,500 excess but our clients will not have to pay any excess when making a claim.
What is Audit Shield Insurance?
The policy provides for the payment of professional fees incurred in the event that you are selected for a tax audit, enquiry, investigation or review instigated by the Australian Taxation Office (ATO) or other government body. The cost of being properly represented in these matters can be quite considerable depending on the length of time involved. Even the simplest enquiry can require hours of work.
What is covered?
All professional fees up to a prescribed limit (with no excess) are covered when you engage us in audit activity matters. Our fees, legal fees, bookkeeping fees and other specialist professional advisor fees are covered. Audit Shield also provides retrospective cover so all previously lodged returns are included in the coverage.
Audit Shield insurance coverage is extensive. These are just some of the situations that are covered:
Is it right for my business?
Any business owner can take advantage of the Audit Shield service. Different levels of cover are available for salary and wage earners, businesses and SMSFs. Anyone can be targeted, even if their lodgments are accurate. With this in mind, we offer you the opportunity to protect yourself with our Audit Shield service.
The Audit Shield insurance policy is not compulsory although we highly recommend that all of our clients take up the insurance. Consolid8 receives a portion of the premium and we hold the policy on your behalf. The policy covers one financial year and we will contact you prior to arrange renewal in advance of the relevant expiry date. The Audit Shield Insurance is not automatic and you must opt in to receive the cover.
Complete the form below to get a free quote. If you have questions or would like more information, please get in touch with our Audit Insurance experts on 1300 222 353.
Complete the below form to request a free comprehensive audit insurance quote from Consolid8.